Need advice on a loan for renovations/construction

[Austin Johnson]

I am in the process of purchasing a multi family property. It's an all cash deal and will not carry a mortgage. I would like to do major renovations to the property and would like to fund the project with debt. A major bank already informed me that they would not give us a loan for a construction project.

Can anyone advise me on some options? 

On one of the podcasts I heard about a 203k loan. Does anyone have any insight into this? Do I need an initial mortgage to qualify for the 203k loan?

Any advice would be greatly appreciated!